Spinneys opens first store in Saudi Arabia

Logo of Spinneys 1961 Holding PLC

Spinneys 1961 Holding PLC opened its first store in Riyadh's mixed-use development La Strada Yard, Saudi Arabia.

La Strada Yard is an emerging hub for residential and commercial activities, making it an ideal location for Spinneys' first-ever Kingdom opening, which spans 43,520 square feet, Spinneys said in a statement.

The production facilities at La Strada will also serve other Spinneys stores that are set to open in Riyadh this year, the statement added.

Spinneys also plans to open additional stores in Riyadh and Jeddah, including three in 2024, and expects up to 12 openings across the Kingdom by 2028.

“The whitespace opportunity in Saudi Arabia offers a unique opportunity for Spinneys’ international expansion, with whitespace in the Kingdom projected to increase to 86 million square feet by 2033, equivalent to nearly 1,200 Spinneys stores,” the company said.

It went on to say that the Saudi market's whitespace growth is fueled by structural tailwinds, such as a 6.4% compound annual growth rate in the Kingdom's affluent population between 2022 and 2028.

In May, Spinneys was listed on Dubai Financial Market (DFM) under the consumer goods sector.